Bank of America moving London positions to Dublin over Brexit

Bank of America moving London positions to Dublin over Brexit

Morgan Stanley has chosen Frankfurt to be the new base for its European Union operations as Britain prepares to leave the bloc, according to a source familiar with the matter, becoming the latest USA bank to pick the German city.

Dublin is the "natural location to consolidate our legal entities as we transition", Moynihan said, noting the bank already has a fully licenced Irish-domiciled bank and nearly 50 years of operation in the city.

In a statement, Moynihan called Dublin the "natural location" for consolidating the bank's legal entities, noting Bank of America already has an Irish-domiciled bank.

Speaking in Dublin, Bank of America CEO Brian Moynihan said: "Bank of America has operated in Ireland and engaged in the local community for nearly 50 years".

The bank did not say how many roles would be moved or created in the Irish capital, where it now has over 700 staff and a fully licensed entity, but said that some roles would also move to other European Union locations.

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An Taoiseach Leo Varadkar, who met Mr Moynihan, has welcomed the announcement.

The Irish workforce at Bank of America's operations, based between Leopardstown and Hatch Street, is now in the process of growing from 600 to 700 people, but it is not yet clear what figure this number will grow to.

Tánaiste Frances Fitzgerald said this move was "another vote of confidence in Ireland".

The bank could add roughly 150 new staff in the bloc depending on political developments, it confirmed today in a memo that was sent to staff by Jim Cowles, Citi's chief executive for Europe, the Middle East and Africa. It is another welcome endorsement of Ireland as an global financial services centre. "At that point the transition period doesn't really help - so the sooner we know. that's obviously helpful to us", Gnodde said.

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